It would have been just another week in crypto, with Bitcoin price change seeing low volatility and latest cryptocurrency news being about the same old rumors and stories. However, just the other day Bitcoin made news across the entire Internet in the light of a large-scale Twitter hack. In this digest for the past seven days, ChangeHero will tell you about our news and what has been happening recently to the crypto space.
COMP Now Supported on ChangeHero
A week ago we introduced the Compound (COMP) token for trading against other cryptocurrencies on ChangeHero. This new project took June by storm and now is establishing itself on the market. Do your research and get it on ChangeHero — it has all the chances to be really promising!
Bitcoin and Altcoins Price Changes
Bitcoin was showing some volatility and making it tough to understand, whether the buyers or sellers are winning in this tug-of-war. The Bitcoin price change mostly stayed in the range between $9.28 thousand and $9.20 thousand since last Friday but dipped below the support level last night. It took a large-scale hacker attack on Twitter to slightly budge the price of Bitcoin. Let’s see if it recovers soon!
Ethereum’s price change is very similar to Bitcoin’s. It peaked on Monday at $244 and went down to $237.91 on Thursday but the Bitcoin’s drop took it further down to $232.70 overnight. This setback is just a dip, which can become a good opportunity to buy Ether before it shoots back up.
XRP was showing even more stability than the top two currencies. At the start of the weekend it cost $0.198067, then rose to $0.204822 by Monday and was worth $0.196488 before the price drop. Now XRP costs $0.191288. Seems like the pullback the experts claimed could happen is not coming true yet!
Among the top-100 currencies, the biggest value loss over the past week happened to Dogecoin (-34.04%). This change has probably happened because of quick selling out by newer investors who pumped the coin earlier. As for the gains, NIMIQ has grown by 93,75% over the past seven days.
Latest Cryptocurrency News
This week has been rich with news about early adoption stages. Japan and the UK were reported to be considering central bank-issued digital currencies (CBDC). On Tuesday, it became known that PayPal in the letter to the European Commission admitted to having plans in the cryptocurrency market.
In some other news, LINK token rallied to leave Binance Coin and Litecoin behind. And the Bitcoin made the news because its mining difficulty hit a new record just two months after the halving. It means that there are more miners securing the network than ever before.
But the biggest event that is already sending waves across the community and the market has to be the Twitter hack. The criminals were able to gain access to several high profile Twitter accounts and tweet on their behalf to promote fake Bitcoin giveaways. Among the accounts that were compromised are Barack Obama, Elon Musk, Joe Biden, Kanye West, CZ, Charlie Lee, Justin Sun, Binance, Coinbase and even the account of Bitcoin core developers.
The story is still developing, and it is yet unknown how much Bitcoin this fake giveaway collected. However, due to the transparent nature of the Bitcoin’s ledger, the addresses of hackers have been exposed. We believe we are doing our part in making the crypto space fair to well-meaning users by trying our best to restrict the movement of the stolen Bitcoins through our service and cooperating with the investigations. Safe exchange experience is ChangeHero’s forte, after all.
Here are some of Twitter’s responses regarding the incident:
Well…Wouldn’t have happened if there was no single point of failure, if you know what we mean. Or, as Vitalik Buterin put it:
The result, for better or worse, was predictable:
While it’s true that the market was inclined downwards, save for some altcoins, and the news was not too positive, in the bigger picture it could have been quite an ordinary week if not for the Twitter news. The story about the hack will continue to unravel, but the worst is already in the past. Besides, if anything, this case shows that we need decentralization more than ever. Stay safe and vigilant and take care!
It’s vital to be educated on the topics of blockchain, Bitcoin and other cryptocurrencies in this market.